Top 5 Markets for Office Construction Activity

More than 215 million square feet was under construction across the nation at the end of the first quarter, according to CommercialEdge data.

More than 25 million square feet of office space came online in the first quarter of 2021, with an additional 215.8 million square feet underway across the entire U.S., according to CommercialEdge data. As of March, development activity in the nation’s tech-driven hubs—Manhattan, Boston and Seattle—accounted for a third of the country’s existing inventory.

Half of the upcoming projects are expected to come online in 2021. Meanwhile, developers are reaching new milestones on the largest projects underway. Although most developments are scheduled for delivery on time, a slowdown in office construction is expected—a recent American Institute of Architects consensus forecast predicted a 9.3 percent decrease for office construction spending in 2021.

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